InMode Ltd.

Good morning and welcome to InMode's fourth quarter and full year 2025 earnings conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Miri Segal, CEO of MSIR. Please go ahead.

Thank you, Operator, and everyone for joining us today. Welcome to InMode's conference call. Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements. and the safe harbor statement outlined in today's earnings release also pertains to this call. If you have not received a copy of the release, please visit the investor relations section of the company's website. Changes in business, competitive, technological, regulatory, and other factors could cause actual results to differ materially from those expressed by the forward-looking statements made today. Our historical results are not necessarily indicative of future performance. As such, we can give no assurance as to the accuracy of our forward-looking statements and assume no obligation to update them, except as required by law. With that, I'd like to turn the call over to Moshe Mizrachi, Inmo's CEO. Moshe, please go ahead.

Thank you, Miri, and to everyone for joining us. With me today are Dr. Michael Kreindel, our co-founder and chief technology officer, Yair Malka, our chief financial officer, and Raphael Likerman, our VP finance. Following our prepared remark, we will be available to answer your question. The fourth quarter was slightly better than expected. even as our industry continues to face ongoing challenges driven by higher interest rate and software customer demand in the aesthetic space. Despite this headwind, InMod continues to benefit from its strong position and from the proven long-lasting clinical outcome patient experience when using our technology and platforms. strengths continue to position us as the leader in the market of minimally invasive aesthetic treatment reflected in both superior patient outcome and financial performance that remain among the best in the industry. While total revenue decline approximately 6% year over year, revenue from consumable and services increased slightly compared to last year. We believe this may represent early signs of stabilization in patient activity and usage level across our install base. We view 2026 as stabilization year for the business following a prolonged period of industry softness. In 2025, we took decisive steps in our North American business. We appointed Michael Dennison as President of North America in October and unified our operation into a single organization spanning from Eastern U.S., Western U.S., and Canada. Given the timing of this leadership change, the impact on fourth quarter results was limited. However, we expect the new structure, leadership, and commercial initiative to begin delivering tangible results in 2026. During 2025, we also laid the foundation for more differentiated and focused commercial organization. Our sales force is now segmented across aesthetic and wellness. with dedicated team aligned to specific platforms. For Envision, we have established a specialized sales team with a deep experience in the category, which we believe will drive increased penetration and improve sales productivity. Product innovation remains a key pillar in our strategy. In 2025, we launch our CO2 laser platforms which is performing well and expand our portfolio. By enabling combined treatment, it further reinforce our position as a one-stop solution across core procedures. Looking ahead into 2026, we plan to keep innovating and introduce two new platforms. a Korean-made PicoLaser device, and a device that combines a new Morpheus technology with Erbium YAG laser. These upcoming launches are an important component of our long-term strategy. We are committed to innovation, and as part of our strategy, we launch two new platforms of all technologies per year. We see meaningful interest across our existing customer base and the new ones, and we believe this product will improve our overall value proposition. From a product mix perspective, most of our offering include Morpheus 8 or minimally invasive component. This will reflect the depth of our portfolio and the comprehensive nature of the solution we provide. From a financial standpoint, we currently expect total revenue in 2026 to be broadly in line with 2025, and we anticipate continuing evolution in our product mix. More broadly, the industry has not yet fully recovered from the global economic slowdown. Demand in North America remains below historical levels. At the same time, we are encouraged by early sign of stabilization in the US and gradual improvement in Europe, which we believe could improve incremental support to our performance going forward. Overall, we are focused on disciplined execution of our product roadmap, continued refinement of our sales team, and maintaining our leadership innovative position in the aesthetic industry. Now, I would like to turn the call over to Yair, our Chief Financial Officer. Yair?